As first reported by DealStreetAsia, Indonesian edtech platform Ruangguru has confirmed raising $55 million as part of its Series C2 round, while Sinar Mas Land, controlled by Indonesia’s Widjaja family, has sold its entire interest in 10 Great Pulteney Street in London for $99.3 million. 

Indonesian edtech platform Ruangguru has secured $55 million in a funding round led by Tiger Global Management, with participation from GGV Capital, the investee confirmed on Monday.

The deal confirmed DealStreetAsia’s report on Friday regarding the Series C2 funding.

The platform aims to use the fresh investment to accelerate its business in Indonesia, Vietnam, and Thailand across both K-12 and lifelong learning segments.

As the pandemic boosted the adoption of online learning, Ruangguru achieved profitability for the first time in 2020, clocking multifold revenue growth, it claimed. The firm now has more than 22 million users.

Last year, the company expanded to Thailand by launching StartDee, after launching KienGuru in Vietnam in 2019. It also launched Roboguru, an AI-powered homework solver with Photo Search and user-generated content technology to facilitate students in understanding difficult exercises. In January 2021, the firm launched English Academy, an online live teaching class with a Cambridge curriculum to serve K-12 students and adults. The company also gained over 3 million users for Skill Academy, an online vocational training course.

In December 2019, Ruangguru had secured a $150 million Series C funding led by General Atlantic and GGV Capital. Ruangguru’s earlier investors include East Ventures, Venturra Capital, and UOB Venture Management.

Sinar Mas Land, a Singapore-listed property business controlled by the Indonesian Widjaja family, has sold its entire interest in 10 Great Pulteney Street in London, for a cash consideration of £72 million ($99.3 million), according to a filing on the SGX on April 14. Local media reports identified the buyer as the UK online fashion retailer Boohoo.

The sale of the building, known as Unlimited House, comes just under seven years after purchasing the 47,044 square feet West End asset from a joint venture between Endurance Land and GE for £57.28 million, according to an earlier report by Savills.

According to the company’s filing, the group would have recorded a gain on disposal of about SG$28.5 million ($21,4 million) based on the net asset value of £56.5 million as of 31 December 2020.

The Group intends to deploy the net proceeds from the sale to repay its bank loans, as working capital and/or for future acquisitions of investments and/or development properties.